U.S. Bancorp reported net income of $1,476 million for Q4/15 compared with $1,488 million in Q4/14. Q4/15 reflected a gain on the sale of a deposit portfolio, partially offset by accruals related to legal and compliance matters. Full year 2015 earnings of $5,879 million was recorded, compared to $5,851 million a year earlier on net revenue of $20.3 billion, compared to $20.2 billion in 2014.

Highlights for the full year of 2015 included:

  • Net interest margin in Q4/15 and full-year 2015 of 3.06% and 3.05%, respectively, compared to 3.14% and 3.23% for the same periods a year earlier.
  • Net interest income in Q4/15 and full year 2015 of $2,871 million and $11,214 million, respectively was up from $2,799 million and $10,997 million for the same 2014 periods.
  • Average lease financing balances for full year 2015 of $5,268 million were up 1.6% from $5,185 in 2014
  • Full year 2015 noninterest income of $9,092 million was down 0.8% from $9,164 in 2014.
  • The provision for credit losses in Q4/15 of $305 million was up 5.9% from $288 million in Q4/14.

“U.S. Bancorp delivered a remarkable performance in 2015; a year underscored by persistent and historically low interest rates, modest economic growth and increasing regulatory requirements,” said Richard K. Davis, U.S. Bancorp chairman, president and CEO. “More than any year in recent history, 2015 required strong management focus as we balanced decisions on operating efficiencies with opportunities for investing in future growth and addressing our customers’ needs. U.S. Bancorp rose to that challenge, delivering record net income and diluted EPS for the year and continuing with industry-leading performance metrics. We are well positioned as we move into 2016 – as indicated by our record fourth quarter revenue, strong momentum toward positive operating leverage during the quarter and the continued stability in our net interest margin.”